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Netflix’s ‘Formula 1: Drive to Survive’
Courtesy of Netflix
Liberty Media, the company controlled by billionaire mogul John Malone that owns such assets as audio entertainment giant SiriusXM and the Formula One racing circuit, reported fourth-quarter financials on Wednesday, touting growth at Live Nation Entertainment, which recently posted a record 2023 and projected continued momentum in 2024.
Live Nation is “capitalizing on the globalization of the music industry, with 2024 already poised to surpass a record 2023,” Liberty Media CEO Greg Maffei said in the earnings update.
Quarterly revenue at the Formula One Group’s revenue jumped from $754 million to $1.23 billion, the company disclosed in its earnings report. SiriusXM, the home of Howard Stern, recorded a slight gain in revenue for the final quarter of 2023 to $2.29 billion.
In terms of operating profit, Liberty SiriusXM Group posted a decline from $529 million to $455 million profit for the fourth quarter, while the Formula One operating result jumped from a profit of $41 million to a profit of $122 million.
Liberty on Wednesday also listed the fair value of its equity investment in Live Nation as nearly $6.52 billion as of the end of 2023, up from $5.78 billion as of the end of September.
“Liberty had a productive 2023,” said Maffei. “We split off the Atlanta Braves, created the Liberty Live Group tracking stock and announced the combination of Liberty SiriusXM Group with SiriusXM.”
He added: “Formula 1 had another fantastic year with double-digit growth across all revenue streams. The Las Vegas Grand Prix generated massive global buzz, and we look forward to delivering great racing, fan experiences and economic benefit to F1 and the local community for years to come.”
The Liberty boss also touted that SiriusXM “progressed a number of strategic achievements, launching its next-generation app and investing in marquee talent while managing its cost structure.”
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